摘要
选取2015—2018年162家A股林业上市公司数据,运用多元线性回归模型分析机构投资者对林业企业环境管理与企业绩效关系的调节效应。结果表明:加强环境管理能够正向影响林业企业的绩效,而机构投资者则会负向影响环境管理与林业企业绩效间的相互关系。因此,必须建立健全法律法规,完善体制建设体系;提高企业意识形态,加强企业环境管理;平衡生态经济关系,促进林企长远发展。
⑴Background——Along with more ownership stake,institutional investors actively participate in monitoring the corporate management and involves in the decision-making process.Therefore,institutional investors measured by its shareholding is utilized as the moderator variable to study the relationship between corporate financial performance and environmental management.⑵Methods——By redefining the scope of forestry enterprises,162 A-share forestry listed companies in ESG database from 2015 to 2018 are selected as research samples,and other required data are obtained with the help of CCER,WIND,CSMAR database and Sina Financ.Multiple linear regression model is used to analyze the relationship between forestry enterprise environmental management and enterprise performance,and to study the role of institutional investors in regulating the relationship between forestry enterprise environmental management and enterprise performance.⑶Results——Based on the regression output,the estimated coefficient of ESG is 0.0121 and statistically significant at the 5%significance level,which indicates the strengthening of environmental management has a positive impact on financial performance of forestry companies.The enhanced environmental management contributes to readjust corporate internal asset allocation and reduce the degree of information asymmetry.And by reducing the information asymmetry and adjusting the internal resource allocation structure of the enterprise,we can reduce the agency cost,financing cost and operating risk,enhance the corporate reputation and establish the corporate image to obtain the competitive advantage.As well,by optimizing the internal operation efficiency of the enterprise,we can finally achieve the purpose of improving the performance of the enterprise.The estimated coefficient of interaction term as the product of IDP and ESG is-0.271 and statistically significant at the 1%significance level.It indicates that institutional investors may restrain the positive impact of environmental management on corporate financial performance in the current period.The advantage of institutional investors on human resources,funding and information allows them to more efficiently and accurately analyze current economic conditions.Through the mechanism of supervision and decision-making process,institutional investors can then affect corporate development strategy and therefore alter the relationship between current cost and profitability.⑷Conclusions and Discussions——It is expected for the government to speed up the establishment of sound laws and regulations,build a legal platform,increase the supervision and review of law enforcement agencies,and increase penalties for violations that destroy the environment and deviate from society.In addition,it also advocates to establish and improve the information disclosure system in order to lift the quality of information disclosed and increase the comparability of information among different companies.And on one hand,both national and local government should provide more policy support and enhance corporate ability to scientifically and holistically deal with ecological,economic and social issues,which contributes to forestry enterprises for recognizing and embracing the significance of how fulfilling social responsibility could improve corporate financial performance.On the other hand,the government should encourage institutional investors with the strategic vision to actively participate in corporate governance,which is beneficial for making objective decisions on corporate long-term development.Consequently,it provides empirical evidence for both investors and listed companies on prioritizing the responsibility of corporate sustainable development under the concept of ecological civilization.
作者
盛春光
牛晓一
贯君
SHENG Chunguang;NIU Xiaoyi;GUAN Jun(College of Economics and Management,Northeast Forestry University,Harbin 150040,Chian)
出处
《林业经济问题》
北大核心
2021年第5期490-496,共7页
Issues of Forestry Economics
基金
中央高校基本科研业务费专项资金项目(2572019BM02、2572018BM04)
黑龙江省哲学社会科学研究规划一般项目(18JYB136)
黑龙江省自然科学基金项目(YQ2019G001)
东北林业大学教育教学研究项目(DGY2020-39)。
关键词
林业企业
环境管理
企业绩效
机构投资者
调节效应
forestry enterprises
environmental management
corporate financial performance
institutional investors
moderating effect
